# Table 16: Post-QE Demographics and Rates (OECD 2022-2024)

| Variable | real_bond_10y | real_short_3m | inflation |
|---|---|---|---|
| Z_1 | -19.331 (39.541) | -58.322 (58.080) | -111.723 (97.139) |
| Z_2 | 2.680 (4.965) | 7.478 (7.291) | 13.872 (12.221) |
| Z_3 | -0.104 (0.175) | -0.273 (0.257) | -0.484 (0.432) |
| rgdp_growth | -0.090** (0.034) | -0.247*** (0.079) | 0.084 (0.184) |
| inflation | -1.160*** (0.039) | -1.401*** (0.088) |  |
| fiscal_bal_gdp | -0.029 (0.045) | -0.040 (0.064) | 0.001 (0.111) |
| kaopen | -4.067*** (1.291) | -4.462** (1.675) | -1.128 (1.324) |
| nfa_gdp_lag | -0.334 (0.290) | -0.165 (0.399) | -0.015 (0.703) |
| output_gap |  |  | 0.984** (0.439) |
|---|---|---|---|
| R2 | 0.902 | 0.888 | 0.298 |
| N obs | 46 | 46 | 48 |
| N countries | 23 | 23 | 24 |
| Method | PanelGLS | PanelGLS | PanelGLS |

*Note: Small sample (3 years). Results should be interpreted with caution. PanelGLS used where feasible; OLS fallback where insufficient variation.*